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| Japan: 787 fuel leak probe indicates cause to be coating issue Thursday, Feb 21, 2013 07:40 PM PST TOKYO (Reuters) - Japan's transport ministry said on Friday its fuel leak probe on a Boeing Co 787 Dreamliner passenger jet indicated the cause to be a coating around the mechanism that controls fuel movement between tanks. The ministry launched the investigation after two fuel leaks on a Dreamliner operated by Japan Airlines Co Ltd , just days before authorities around the world grounded the new lightweight passenger jets after a couple of battery problems. (Reporting by James Topham; Editing by Ken Wills) Full Story | Top |
| Citigroup bows to shareholder pressure, overhauls pay Thursday, Feb 21, 2013 07:10 PM PST  NEW YORK (Reuters) - Citigroup Inc said on Thursday it has overhauled an executive pay plan that shareholders rejected last year as overly generous, revising it to tie bonus payments more closely to stock performance and profitability. The company also said it will pay new Chief Executive Mike Corbat $11.5 million for his work in 2012, in line with remuneration for his peers at other major banks. The new plan was crafted after board Chairman Michael O'Neill and other directors met with "nearly 20" shareholders representing more than 30 percent of Citigroup stock, Citi said in a filing. ... Full Story | Top |
| JPMorgan raises questions about lawyer at New York AG's office Thursday, Feb 21, 2013 04:59 PM PST  NEW YORK (Reuters) - JPMorgan Chase & Co has raised questions about the involvement of a senior lawyer from the New York Attorney General's office in one of the few government lawsuits alleging wrongdoing by banks in the run-up to the financial crisis. The case against JPMorgan is similar to one that the lawyer had worked on before joining the Attorney General's office, JPMorgan said in court papers this week, raising the possibility of a conflict of interest. ... Full Story | Top |
| HP forecast beats Street, CEO says overhaul taking hold Thursday, Feb 21, 2013 04:10 PM PST  SAN FRANCISCO (Reuters) - Hewlett-Packard Co's quarterly revenue and forecasts beat Wall Street expectations as it continued to cut costs under CEO Meg Whitman's turnaround plan, sending the No. 1 personal computer maker's shares up over 5 percent. Whitman, who took the helm over a year ago after a failed bid to become governor of California, has launched a years-long turnaround to recapture some of the Silicon Valley icon's former growth trajectory. ... Full Story | Top |
| Walmex sees 2013 capex up, won't disclose new stores Thursday, Feb 21, 2013 03:35 PM PST  MEXICO CITY (Reuters) - Mexico's biggest retailer, Wal-Mart de Mexico , expects to spend up to $1.4 billion on investments in 2013, but in a break with tradition the company declined to say how many stores it plans to open this year. Walmex, as the company controlled by Wal-Mart Stores Inc is known locally, is under investigation in the United States and Mexico for allegedly bribing Mexican officials to speed up store openings. The company said on Thursday it expects to increase total store space by 8 percent to 9 percent in Mexico and 6 percent in Central America this year. ... Full Story | Top |
| Italy's Finmeccanica delays results over India probe Thursday, Feb 21, 2013 03:27 PM PST  ROME/MILAN (Reuters) - Italian defense group Finmeccanica has delayed publication of its 2012 results after a bribery probe connected with the sale of 12 helicopters to Indian authorities, it said on Thursday. After a board meeting, Finmeccanica said it had postponed the approval of its full-year accounts from March 12 to a new meeting to be held no later than April 30, to "evaluate the impact of recent economic events on its balance sheet. ... Full Story | Top |
| Citigroup overhauls exec pay plan after shareholder vote Thursday, Feb 21, 2013 03:20 PM PST  NEW YORK (Reuters) - Citigroup Inc said on Thursday it has overhauled the executive pay plan that shareholders rejected last year as overly generous, revising it to tie bonus payments more closely to stock performance and profitability. The company also said in a filing that it is paying new Chief Executive Mike Corbat $11.5 million for his work in 2012. The new plan was crafted after board Chairman Michael O'Neill and other directors met with "nearly 20" shareholders representing more than 30 percent of Citigroup stock, according to the filing. ... Full Story | Top |
| Einhorn says Apple "iPref" stock would unlock value Thursday, Feb 21, 2013 03:12 PM PST (Reuters) - Star hedge fund manager David Einhorn has a new product that he wants Apple Inc. to offer: the iPref. In an unusual hour-long public conference call on Thursday, Einhorn, who has filed a lawsuit against Apple as part of an effort to get the iPhone and iPad maker to distribute more of its $137 billion cash pile, detailed the merits of distributing perpetual preferred stock to reward investors and boost a share price that he says is undervalued. "This is not complicated, it's merely unfamiliar," Einhorn said about his perpetual preferred stock idea. ... Full Story | Top |
| United says removing Boeing 787 from flight plans Thursday, Feb 21, 2013 03:01 PM PST  (Reuters) - United Continental Holdings said on Thursday it was taking Boeing Co's grounded 787 Dreamliner out of its flying plans through June 5, except for a Denver-to-Tokyo route scheduled for a tentative launch in May. Meanwhile, Japanese investigators studying fuel leaks on the 787 found a problem with the paint on equipment controlling the fuel-tank valve, the Nikkei news service reported, citing people familiar with the details. ... Full Story | Top |
| Cargill settles NAFTA dispute with Mexico Thursday, Feb 21, 2013 03:01 PM PST  NEW YORK (Reuters) - Cargill Inc has reached a settlement with Mexico in a dispute that resulted in a $77 million arbitration award for the U.S. agribusiness company, according to court documents filed Thursday. A North American Free Trade Agreement arbitration tribunal awarded Cargill the sum in 2009 over trade barriers the company said Mexico erected against high-fructose corn syrup from 2002 to 2007. Terms of the settlement, reached February 5, were not disclosed. The settlement was detailed in papers filed in U.S. ... Full Story | Top |
| Inmet profit drops 17 pct on forex losses Thursday, Feb 21, 2013 02:42 PM PST TORONTO (Reuters) - Canada's Inmet Mining Corp reported a 17 percent fall in fourth quarter profit on Thursday as foreign exchange losses offset stronger revenue. The base metal miner said earnings attributable to shareholders dropped to $38.8 million, or 56 cents a share, in the quarter ended December 31. That compared with $46.5 million, of 67 cents, in the year-ago period. Revenue rose 11 percent to $259.9 million on higher copper and zinc sales. (Reporting by Julie Gordon) Full Story | Top |
| NBC says its website is safe after security scare Thursday, Feb 21, 2013 02:26 PM PST BOSTON (Reuters) - U.S. media company NBC Universal said late on Thursday that its NBC.com website was safe to visit following a security scare prompted by reports that it was infected with malicious software designed for banking fraud and cyber espionage. "A problem was identified and it has been fixed," an NBC Universal spokeswoman told Reuters. She declined to elaborate on the nature of the problem. Earlier on Thursday, several security experts had advised Internet users to avoid the site altogether, saying it had been compromised by malicious software. ... Full Story | Top |
| AIG is the new Apple of hedge fund managers' eyes: report Thursday, Feb 21, 2013 02:25 PM PST NEW YORK (Reuters) - American International Group has replaced Apple Inc as the hedge fund industry's favorite stock, according to a Goldman Sachs Group analysis of fourth-quarter regulatory filings. The American insurer, bailed out by the U.S. government during the financial crisis, knocked Apple out of the top spot in a list of stocks deemed most important to hedge funds, according to a Goldman report released late Wednesday. The fact that Apple has lost favor with many hedge fund managers is not too surprising, given the 20 percent slide in the stock in the fourth quarter. ... Full Story | Top |
| MF Global payout plan approved for creditor vote Thursday, Feb 21, 2013 02:21 PM PST  NEW YORK (Reuters) - A bankruptcy judge on Tuesday approved the outline of a plan by liquidators and creditors of failed brokerage MF Global to repay the company's creditors, a key step toward ending its $40 billion Chapter 11 bankruptcy. At a hearing in U.S. Bankruptcy Court in Manhattan, Judge Martin Glenn green-lighted the outline, which was amended to address minor concerns Glenn had raised in refusing to approve an earlier version of the outline last week. MF Global, which had been led by former New Jersey Gov. Jon Corzine, is liquidating after declaring bankruptcy in October 2011. ... Full Story | Top |
| Jobs, factory, inflation data favor easy Fed policy Thursday, Feb 21, 2013 01:55 PM PST  WASHINGTON (Reuters) - A raft of U.S. economic data on Thursday from claims for jobless aid to factory activity and consumer prices pointed to a still tepid recovery and supported the argument for the Federal Reserve to maintain its monetary stimulus. The Fed is currently buying $85 billion in bonds per month and has said it would keep up purchases until the labor market outlook improves substantially, although officials are increasingly divided over the wisdom of that course. "The economy is in a holding pattern. ... Full Story | Top |
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